Midtown South Office Space | Lease and Data Trends

On average, business space rental rates are lower in Midtown South than in Manhattan as a whole, with leases going for slightly less than $70 per square foot, compared to the Manhattan average (Class A and Class B) of around $75.

The overall vacancy rate in Midtown South consistently hovers around seven percent, meaning there is competition among tenants but enough vacancy to push landlords to make concessions. Midtown South encompasses many different neighborhoods with prices varying based on location, lease length, and building class. To learn more about the office leasing process, check out our Leasopedia and Types of Office Space guide.

What Our Brokers Say About Midtown South Office Space

Midtown South Manhattan is bordered roughly by 30th Street and Midtown Manhattan to the north, Canal Street and Downtown Manhattan to the south, the Hudson River to the west, and the East River to the east. It’s one of the most heavily visited areas in NYC and one of the most desirable locations for office space.

Get to Know Midtown South

The actual boundaries and character of Midtown South are debated. The Wall Street Journal notes that those interested in commercial property tend to see the area as covering a larger area than those interested in residential properties. To help you decide where you might be interested in pursuing office space, we have provided brief descriptions of some of Midtown South’s popular neighborhoods below.

Soho, short for South of Houston Street, is an upscale neighborhood known for its style, luxury, art, and culture. It has an impressive collection of cast-iron buildings with large windows, fire escapes and wide open spaces. Companies such as FourSquare, WeWork Labs, and Warby Parker work there.

Chelsea manages to fit 200 art galleries, nearly 2,000 food and drink options, and a dizzying array of boutiques and shops all in one square mile. Known as one of the most pedestrian-friendly areas of NYC, Chelsea offers quick access to the High Line and Chelsea Piers. Working there means working alongside Google, Twitter, Youtube, Uber, Netflix, and Venmo.

Greenwich Village, nicknamed The Village or West Village, is the NYC artists’ haven and the Bohemian capital. The Village is home to the historic Washington Square Park and various Off-Broadway and Off-Off Broadways. It used to be a rural settlement, so its streets have names instead of numbers, which is unusual for NYC. J. Crew, Forbes, and Outbrain all work there.

Hudson Square combines the elegance of Tribeca and the creativity of SoHo and serves as a hub for advertising, media, and tech. Most of the office space (70 percent) is Class A. A 2013 rezoning began a project to add 165,000 square feet of office space, and this is still underway. Working here means working beside Getty Images, Weiden + Kennedy, DigitalOcean, Two Sigma, and Havas Media.

Gramercy Park is a quiet district filled with Victorian charm and beautiful foliage. Currently, about 21.5 million square feet of office space are in the area with more than 100,000 under construction. Those looking for a centrally located neighborhood with a laid back environment will love Gramercy. Notable tenants include Perry Branding Group, Digital Pulp, and Gotham Ghostwriters.